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Long Beach, CA ~ Long Beach has received a $750,000 grant from the U.S. Economic Development Administration to support the city's small business loan programs, according to the Department of Economic Development & Opportunity.
The grant will expand the city's capacity to provide financing through the Microenterprise Loan Program and Grow Long Beach Fund. The programs offer low-interest loans to businesses that cannot secure traditional bank financing, with funding available for purposes including working capital, equipment, business expenses and leasehold improvements.
The Long Beach City Council approved the grant in an 8-0 vote at its June 16, 2026, meeting. Under the award, the city will be reimbursed for eligible small business loans issued through its programs. Loan amounts range from $10,000 microloans to several hundred thousand dollars, depending on a business's needs and eligibility.
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The city said it has issued more than $7.9 million in loans since 2001, resulting in 650 jobs created or retained. Its current portfolio includes 106 active loans totaling $3.8 million.
Interest rates will be fixed in accordance with federal requirements, at the lower of 4% or 75% of the Wall Street Journal Prime Rate, with a maximum rate of prime plus 1%, the city said. Loan terms typically range from five to 10 years, with a maximum of 25 years. Grant funds must be expended by March 31, 2029.
Mayor Rex Richardson said the funding would put more capital within reach of local businesses and help them invest in operations and create jobs. Economic Development & Opportunity Director Bo Martinez said the programs help bridge the gap for businesses unable to obtain traditional financing.
Businesses interested in applying can contact the department's BizCare Hotline at 562-570-4249 or email BizCare@longbeach.gov. Information about the loan programs and other small business resources is available at longbeach.gov/bizdev.
The grant will expand the city's capacity to provide financing through the Microenterprise Loan Program and Grow Long Beach Fund. The programs offer low-interest loans to businesses that cannot secure traditional bank financing, with funding available for purposes including working capital, equipment, business expenses and leasehold improvements.
The Long Beach City Council approved the grant in an 8-0 vote at its June 16, 2026, meeting. Under the award, the city will be reimbursed for eligible small business loans issued through its programs. Loan amounts range from $10,000 microloans to several hundred thousand dollars, depending on a business's needs and eligibility.
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The city said it has issued more than $7.9 million in loans since 2001, resulting in 650 jobs created or retained. Its current portfolio includes 106 active loans totaling $3.8 million.
Interest rates will be fixed in accordance with federal requirements, at the lower of 4% or 75% of the Wall Street Journal Prime Rate, with a maximum rate of prime plus 1%, the city said. Loan terms typically range from five to 10 years, with a maximum of 25 years. Grant funds must be expended by March 31, 2029.
Mayor Rex Richardson said the funding would put more capital within reach of local businesses and help them invest in operations and create jobs. Economic Development & Opportunity Director Bo Martinez said the programs help bridge the gap for businesses unable to obtain traditional financing.
Businesses interested in applying can contact the department's BizCare Hotline at 562-570-4249 or email BizCare@longbeach.gov. Information about the loan programs and other small business resources is available at longbeach.gov/bizdev.
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